C722 Project Management Practice Questions - Set 2 - Part 2

Correct Answer: d) Closing

The Closing phase finalizes the project, including the formal handoff of deliverables to the customer.

Correct Answer: d) 50-50 Rule

The 50-50 Rule assigns half-completion status at task start, with full completion status upon task conclusion.

Correct Answer: b) Management Reserve

The Management Reserve is a buffer added to cover unknown costs, often used to address unexpected project changes.

Correct Answer: c) Defining

The Defining phase ends once the project charter is approved, signaling the project’s official start.

Correct Answer: b) To identify task dependencies

PERT charts visualize task dependencies, helping the project team understand sequencing and timing relationships.

Correct Answer: b) Sprint

A Sprint is a defined work period in Agile, during which the team completes a portion of the project deliverable.

Correct Answer: c) To visualize task sequences and dependencies

A Network Diagram shows task dependencies and the order in which tasks must occur, aiding in schedule planning.

Correct Answer: d) Risk Register

The Risk Register records potential risks, their evaluations, and response strategies, ensuring risk management accountability.

Correct Answer: b) Executing

The Executing phase involves the most intensive work, where resources are actively engaged to complete project tasks.

Correct Answer: d) Resource Leveling

Resource Leveling delays tasks to balance workloads and optimize resource utilization, preventing bottlenecks.

Correct Answer: c) Avoidance

Avoidance involves removing the cause of the risk, eliminating its impact on the project entirely.

Correct Answer: d) Contingency Reserve

A Contingency Reserve is allocated within the baseline budget to cover risks identified during planning.

Correct Answer: c) 0-100 Rule

The 0-100 Rule in EVA assigns zero completion until a task is finished, at which point it is marked as fully completed.

Correct Answer: a) Project Scope Statement

The Project Scope Statement specifies the criteria for project completion and success, guiding final deliverable acceptance.

Correct Answer: c) Float

Float represents time flexibility within the schedule, allowing delays in certain tasks without affecting the project end date.

Correct Answer: b) Forward Pass and Backward Pass

Forward and Backward Pass methods determine the earliest and latest possible start and finish times for tasks, aiding in schedule planning.

Correct Answer: b) Three-Point Estimating

Three-Point Estimating calculates a task duration by averaging optimistic, most likely, and pessimistic time estimates.

Correct Answer: b) Functional

In a Functional structure, project managers have limited authority, as resources and decision-making reside primarily within departments.

Correct Answer: b) Management Reserve

Management Reserves cover unforeseen risks that could affect project costs or timelines, providing financial flexibility.

Correct Answer: c) Indirect Overhead Costs

Indirect Overhead Costs, like utilities, are not directly tied to specific activities but support the project overall.